UniCredit ups Commerzbank stake amid takeover talk

FRANKFURT, Aug 25 (AFP): Italian bank UniCredit said Monday it had formally increased its stake in Germany's Commerzbank, bringing it closer to a possible takeover that has provoked uproar in Germany.

UniCredit has since last year been building up a holding in its German rival, seeking a merger to create a pan-European banking giant, despite fierce opposition from Berlin.

In a statement, UniCredit said it had increased its direct stake in Commerzbank to 26 per cent by converting derivatives into shares.